Banking Awareness Current Affairs.Oriental Bank of Commerce bank cuts MCLR rate up to 10 bps.Oriental Bank of Commerce (OBC) has reduced the marginal cost of fundsbased lending rate (MCLR) by up to 10 basis points (bps) for various tenors. It is effective from 11 July 2019. MCLR for overnight has been reduced to 8.20% from 8.30% and one-month loan tenor has been reduced by 10 bps from 8.35% to 8.25%.Similarly, MCLR has been decreased by 5 bps for:1) three-month loan to 8.45%2) six-month loan to 8.55%3) one-year tenor loans to 8.65%.Previously, the MCLR for three-month, six-month and one-year tenor loans were at 8.50 %, 8.60%, and 8.70%, respectively.

Question

Banking Awareness Current Affairs.Oriental Bank of Commerce bank cuts MCLR rate up to 10 bps.Oriental Bank of Commerce (OBC) has reduced the marginal cost of fundsbased lending rate (MCLR) by up to 10 basis points (bps) for various tenors. It is effective from 11 July 2019. MCLR for overnight has been reduced to 8.20% from 8.30% and one-month loan tenor has been reduced by 10 bps from 8.35% to 8.25%.Similarly, MCLR has been decreased by 5 bps for:1) three-month loan to 8.45%2) six-month loan to 8.55%3) one-year tenor loans to 8.65%.Previously, the MCLR for three-month, six-month and one-year tenor loans were at 8.50 %, 8.60%, and 8.70%, respectively.

Priya Sharma · Accepted Answer

Banking Awareness Current Affairs.Oriental Bank of Commerce bank cuts MCLR rate up to 10 bps.Oriental Bank of Commerce (OBC) has reduced the marginal cost of fundsbased lending rate (MCLR) by up to 10 basis points (bps) for various tenors. It is effective from 11 July 2019. MCLR for overnight has been reduced to 8.20% from 8.30% and one-month loan tenor has been reduced by 10 bps from 8.35% to 8.25%.Similarly, MCLR has been decreased by 5 bps for:1) three-month loan to 8.45%2) six-month loan to 8.55%3) one-year tenor loans to 8.65%.Previously, the MCLR for three-month, six-month and one-year tenor loans were at 8.50 %, 8.60%, and 8.70%, respectively.

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